Shares of Granite Construction Inc. (NYSE:GVA) have been given an average rating of “Hold” by the seven analysts that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $66.25.
Several research analysts recently weighed in on GVA shares. ValuEngine downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a report on Wednesday, August 1st. Canaccord Genuity reissued a “buy” rating and set a $65.00 price objective (down previously from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. Finally, DA Davidson set a $60.00 price objective on shares of Granite Construction and gave the company a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call.
In related news, Director Claes Bjork acquired 6,500 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $44.25 per share, with a total value of $287,625.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. QCI Asset Management Inc. NY boosted its holdings in shares of Granite Construction by 24.7% during the 3rd quarter. QCI Asset Management Inc. NY now owns 307,032 shares of the construction company’s stock valued at $14,031,000 after purchasing an additional 60,810 shares during the last quarter. Investment Counselors of Maryland LLC boosted its holdings in shares of Granite Construction by 87.8% during the 3rd quarter. Investment Counselors of Maryland LLC now owns 484,584 shares of the construction company’s stock valued at $22,145,000 after purchasing an additional 226,504 shares during the last quarter. RPG Investment Advisory LLC lifted its holdings in shares of Granite Construction by 7.6% in the 3rd quarter. RPG Investment Advisory LLC now owns 193,162 shares of the construction company’s stock valued at $8,827,000 after acquiring an additional 13,568 shares during the last quarter. John G Ullman & Associates Inc. lifted its holdings in shares of Granite Construction by 38.6% in the 3rd quarter. John G Ullman & Associates Inc. now owns 267,009 shares of the construction company’s stock valued at $12,202,000 after acquiring an additional 74,324 shares during the last quarter. Finally, Comerica Bank lifted its holdings in shares of Granite Construction by 55.1% in the 3rd quarter. Comerica Bank now owns 53,586 shares of the construction company’s stock valued at $2,177,000 after acquiring an additional 19,047 shares during the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.
Granite Construction stock traded up $1.65 during mid-day trading on Thursday, hitting $49.64. The stock had a trading volume of 562,834 shares, compared to its average volume of 619,793. The company has a market capitalization of $2.27 billion, a P/E ratio of 30.64, a P/E/G ratio of 2.48 and a beta of 1.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.73 and a current ratio of 1.84. Granite Construction has a one year low of $39.51 and a one year high of $68.58.
Granite Construction (NYSE:GVA) last issued its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.18. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. Granite Construction’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 EPS. Analysts forecast that Granite Construction will post 2.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Thursday, September 27th. Granite Construction’s dividend payout ratio (DPR) is presently 32.10%.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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